Mortgage Robo-Advisors Being Recognised By Consumers

A recent survey pointed out the unruly impact of technology, which indicated the growing number of robo-advisord that is being accepted by more consumers. With a worldwide poll that involved both Canada and the US, with professional service business Accenture, it was disclosed that seven out of ten consumers were happy with the idea of using a robotic advisory system, however, humans will still have important roles to play.

When it comes to acceptance and how well Robo-advice can be of good use; in investments (78 per cent), selection of insurance products (74 per cent) or a bank account (71 per cent). However, for mortgage consultation and guidance, 61 per cent of respondents found it best to interact and have a human advisor made available to them. Senior managing director of Accenture Financial Service, Piercarlo Gera said; “While financial institutions may expect to benefit from internal cost reduction by providing customers with a ‘robo’ option, our research found that consumers also expect first-class human interaction.” 68 per cent of respondents who are consumers also prefer dealing directly with a person for mortgages and in terms of laying their complaints.

Revealed in the survey, consumers are becoming more accepting of having their financial products purchased from non-traditional orifices, with a third of them mentioning they might think through on using Facebook, Amazon or Google for financial advice. 56 per cent of the Canadian respondents said they are opened to give robo-advisor a go. The future seems to be a hybrid model says, Gera. He also said in conclusion;

“Successful financial services firms will, therefore, need a “physical” strategy that seamlessly integrates technology, branch networks, and staff to provide a service that combines physical and digital capabilities and gives consumers a choice.”